CIFC QUESTIONS ANSWERS, CIFC ACTUAL EXAMS

CIFC Questions Answers, CIFC Actual Exams

CIFC Questions Answers, CIFC Actual Exams

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q61-Q66):

NEW QUESTION # 61
Which of the following is included when calculating a country's gross domestic product (GDP)?

  • A. the value of work done by volunteers
  • B. total income of all employed individuals
  • C. the cost of all goods produced
  • D. the market value of goods and services sold to final users

Answer: D

Explanation:
Explanation
Gross domestic product (GDP) is a measure of the total economic activity in a country. It is calculated by adding up the market value of all the final goods and services produced within a country's borders in a given period of time, usually a year or a quarter. Final goods and services are those that are sold to the end users, such as consumers, businesses, or the government, and are not used as inputs for further production. For example, a loaf of bread sold to a consumer is a final good, but the flour used to make the bread is not. The market value of goods and services is the price that buyers are willing to pay for them in the market. This reflects the value added by the producers at each stage of production and avoids double counting. For example, if a farmer sells wheat for $10 to a miller, who then sells flour for $20 to a baker, who then sells bread for $30 to a consumer, the value added at each stage is $10, $10, and $10, respectively. The total value added is $30, which is equal to the market value of the final good (bread). Therefore, GDP only includes the market value of final goods and services and excludes intermediate goods and services.
References: Canadian Investment Funds Course, Unit 4, Section 4.1; 5; 6; 7; 8


NEW QUESTION # 62
Quintin has been a Dealing Representative for Global Maximum Financial for 5 years. Today, he opened an account for his new client, Reginald. In addition to opening a new account, Reginald agreed to accept Quintin's investment recommendation and placed a purchase order to buy units of the Global Maximum Value Equity fund.
Quintin informed his Branch Manager Lupita about this new account on the same day the purchase order was received. Lupita told Quintin that she would complete her review of the New Client Application Form (NCAF) by no later than tomorrow.
Which statement regarding this new account opening is CORRECT?

  • A. Lupita has two business days from the date of opening the new account to approve the NCAF completed by Quintin.
  • B. Quintin and Lupita are both following proper procedure regarding new account openings and purchase orders.
  • C. Quintin cannot accept purchase orders from a client until Lupita completes her review of the NCAF.
  • D. Unless Quintin is presently under probation, he does not need Lupita's approval regarding the NCAF.

Answer: C

Explanation:
Explanation
According to the MFDA Rules, a Dealing Representative must not accept any purchase orders from a client until the Branch Manager or other designated person has reviewed and approved the New Client Application Form (NCAF) for the client. This is to ensure that the Dealing Representative has obtained and verified all the necessary information about the client, such as identity, investment objectives, risk tolerance, financial situation, and suitability of investments. The review and approval of the NCAF must be completed before any trades are executed for the client, unless there are exceptional circumstances that justify a delay. In this case, Quintin should have waited for Lupita's approval of the NCAF before placing the purchase order for Reginald.
References: 1: MFDA Rules as at December 31, 2021 - MFDA 2 (Rule 2.2.4)


NEW QUESTION # 63
On January 3, John invests $500 in the Blue Sky U.S. Equity Fund. On July 1 of the same year, he invests another $500 into the same mutual fund. Information about the net asset value per unit (NAVPU) at the time of each transaction is provided below. Given this information, what will be the value of John's investment on December 31 of this year (please ignore transaction costs and distributions)?

  • A. $1,198
  • B. $1,216
  • C. $1,332
  • D. $1,256

Answer: D

Explanation:
Explanation
The value of John's investment on December 31 of this year can be calculated by multiplying the number of units he holds by the net asset value per unit (NAVPU) on that date. Since John invested $500 on January 3 and $500 on July 1, he holds a total of 125.6 units (62.8 units from the first investment and 62.8 units from the second investment). Therefore, the value of his investment on December 31 will be 125.6 units x $9.55 NAVPU = $1,256.
References: Canadian Investment Funds Course, Chapter 2: Mutual Funds1


NEW QUESTION # 64
Davis invested in a tactical asset allocation fund in his non-registered investment account. Distributions from the mutual fund are paid directly to Davis and not reinvested. Assuming a federal marginal tax rate of 26%, dividend gross-up rate of 38% and federal dividend tax credit rate of 15%, which type of distribution would result in the lowest amount of tax payable?

  • A. Interest
  • B. Capital Gain
  • C. Capital Dividend
  • D. Eligible Dividend

Answer: D

Explanation:
Explanation
An eligible dividend is a type of dividend that is paid by a Canadian corporation that meets certain criteria and is eligible for the enhanced dividend tax credit. The dividend tax credit reduces the amount of tax payable on dividends by providing a credit against the tax liability. An eligible dividend has a higher gross-up rate and a higher dividend tax credit rate than a non-eligible dividend, which means that it results in a lower effective tax rate. A capital dividend is a type of dividend that is paid from the capital gains realized by a corporation and is tax-free to the shareholder. However, a tactical asset allocation fund is unlikely to pay capital dividends, as they are usually reserved for private corporations. A capital gain is the profit from selling an asset at a higher price than its purchase price. Only 50% of the capital gain is taxable, which means that it has a lower effective tax rate than interest income, which is fully taxable. However, a capital gain distribution from a mutual fund is not the same as a capital gain from selling the mutual fund units. A capital gain distribution is paid when the fund realizes a capital gain from selling its underlying assets, and it is taxable in the year it is received, regardless of whether the shareholder sells the fund units or not. Therefore, it does not benefit from the deferral of tax that occurs when the shareholder sells the fund units at a later date. An interest distribution is paid when the fund earns interest income from its underlying assets, such as bonds or money market instruments. Interest income is fully taxable at the marginal tax rate, which means that it has the highest effective tax rate among the four types of distributions.
To compare the amount of tax payable for each type of distribution, we can use the following formula:
Tax=(Distribution*Grossup)*MarginalTaxRate(Distribution*Grossup)*DividendTaxCreditRate For simplicity, we assume that Davis receives $100 of each type of distribution and that he does not have any other income or deductions. We also ignore any provincial taxes or credits. Using the formula, we can calculate the tax payable for each type of distribution as follows:
* Capital Dividend: Tax=(100*0)*0.26(100*0)*0=0
* Capital Gain: Tax=(100*0.5)*0.26(100*0.5)*0=13
* Eligible Dividend: Tax=(100*1.38)*0.26(100*1.38)*0.15=10.14
* Interest: Tax=(100*1)*0.26(100*1)*0=26
Therefore, an eligible dividend would result in the lowest amount of tax payable, followed by a capital gain, a capital dividend, and an interest distribution.
References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 7: Taxation, Section 7.2: Taxation of Investment Income, page 7-41
* Eligible Dividends Definition - Investopedia2
* Capital Dividend Definition - Investopedia3
* Capital Gain Distribution Definition - Investopedia4


NEW QUESTION # 65
With respect to the tax treatment of dividends received from a taxable Canadian corporation, which of the following statements is CORRECT?

  • A. Dividends from both preferred and common shares of Canadian corporations receive preferential tax treatment.
  • B. Only 50% of dividend income is subject to tax.
  • C. Dividends from non-resident corporations receive preferential tax treatment.
  • D. Dividends are taxed the same way interest income is taxed.

Answer: A

Explanation:
Explanation
Dividends from both preferred and common shares of Canadian corporations receive preferential tax treatment because they are eligible for the dividend tax credit. This credit reduces the amount of tax payable on dividend income by accounting for the tax that the corporation has already paid on its earnings. Dividends from non-resident corporations do not qualify for this credit and are taxed at the same rate as interest income. Only
50% of capital gains, not dividend income, are subject to tax. References: The Dividend Tax Rate in copyright:
What You Need to Know Now - Hardbacon, How are Dividends Taxed in copyright? Exploring the Canadian Dividend Tax Credit


NEW QUESTION # 66
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